Wayne Addessi of Addessi Jewelers in Ridgefield with a pre-owned Rolex watch. The new trend is wearing used watches. Tuesday, Dec. 10, 2013

Wayne Addessi of Addessi Jewelers in Ridgefield with a pre-owned Rolex watch. The new trend is wearing used watches. Tuesday, Dec. 10, 2013

Photo: Scott Mullin

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Wayne Addessi of Addessi Jewelers in Ridgefield has some fun with Paul Roche of Ridgefield, showing off pre-owned Rolex watches. The new trend is wearing used watches. Tuesday, Dec. 10, 2013

Wayne Addessi of Addessi Jewelers in Ridgefield has some fun with Paul Roche of Ridgefield, showing off pre-owned Rolex watches. The new trend is wearing used watches. Tuesday, Dec. 10, 2013

Photo: Scott Mullin

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Pre-owned Rolex watches at Addessi Jewelers in Ridgefield. The new trend is wearing used watches. Tuesday, Dec. 10, 2013

Pre-owned Rolex watches at Addessi Jewelers in Ridgefield. The new trend is wearing used watches. Tuesday, Dec. 10, 2013

Photo: Scott Mullin

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Wayne Addessi of Addessi Jewelers in Ridgefield with a pre-owned Rolex watch. The new trend is wearing used watches. Tuesday, Dec. 10, 2013

Wayne Addessi of Addessi Jewelers in Ridgefield with a pre-owned Rolex watch. The new trend is wearing used watches. Tuesday, Dec. 10, 2013

Photo: Scott Mullin

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A pre-owned Rolex Prince watch at Addessi Jewelers in Ridgefield. The new trend is wearing used watches. Tuesday, Dec. 10, 2013

A pre-owned Rolex Prince watch at Addessi Jewelers in Ridgefield. The new trend is wearing used watches. Tuesday, Dec. 10, 2013

Photo: Scott Mullin

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Wayne A. Addessi, president of Addessi Jewelers, said he and his siblings gave this watch to their father when he turned 70. "He left it to me when he passed," said Addessi. "A part of the beauty of fine luxury timepieces is that they become highly regarded heirlooms. My dad was quite a guy; we spent 30 years side by side in this business." less

Wayne A. Addessi, president of Addessi Jewelers, said he and his siblings gave this watch to their father when he turned 70. "He left it to me when he passed," said Addessi. "A part of the beauty of fine luxury ... more

Photo: Contributed Photo

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Timely new trend: pre-owned luxury watches

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It could be the economy, or maybe it's a wave of nostalgia, but it seems the time is right for pre-owned luxury watches to come into their own. Like pre-owned cars, they can offer great value, and once on your wrist, who can really tell anyway?

In Ridgefield, Wayne Addessi, of Addessi Jewelers, said business in the pre-owned luxury category is brisk. "People are coming in looking for something that's unique. They want something that they will not see everywhere else, so vintage and pre-owned pieces are immensely popular now." Since his family has been in the jewelry business since 1948, he knows a trend when he sees one.

In his showcase, you'll see some pre-owned Rolex, Omega, Breitling and Patek Phillipe, though the inventory is quick to change. Addessi keeps a list of clients and the specific watch they're looking for, and for some watches, like the Rolex Daytona, there's always a demand. This watch, which was a favorite style of Paul Newman's, is

upwards of $15,000 when new.

Terry Betteridge, of Betteridge Jewelers in Greenwich, said there's such a demand for the Daytona and some other pre-owned models that they're difficult to get and are not always lower in price. He, too, keeps a list of clients and their wish watches. "When I get one, I want to sell it to someone who will appreciate it."

The economy may be affecting the market, but not necessarily in the way one might expect. "With the economy picking up, the prices of new luxury watches have increased," said Addessi. So, in turn, there is a greater demand for the pre-owned. A new Rolex could sell for $13,000; the same style pre-owned could be closer to $7,000.

While the price of a pre-owned can vary, it will be determined by popularity of the model and its condition, as well as its provenance. "Every watch has a story, and knowing that story will add to its value," said Addessi.

Frank Cappiello in Danbury, owner of Cappiello Jewelers, which is celebrating its 50th year in CityCenter Danbury, agrees. "Estate jewelry is popular, and people like to collect watches as well as wear them," he said. The store is noted for having sold the Carmen Lucia ruby, a 23.1-carat Burmese ruby, set in a platinum ring with diamonds, and now on display in the Smithsonian's National Museum of Natural History.

"A luxury watch is a piece of jewelry. It's a limited market, but people want it," he said, explaining luxury watches are costly because of everything that goes into making them. "It can take two to three years to make a Patek Phillipe, and they are very sought-after in the pre-owned market."

Cappiello also makes the analogy to a car. "Man has always had an obsession about speed and time, which translates to cars and watches. A car travels a couple of hours and then is turned off, but your watch is traveling 24 hours a day, 365 days a year. A luxury watch, because of the quality of the movement, can make that trip many times over."

"It's an investment," added Addessi. "A watch can last a lifetime and be passed down from father to son (or daughter)." A customer of his came in to have his Submariner (Rolex) serviced. The watch, which probably cost $300 when new 30 years ago, would cost about $8,000 now if new. "His father wore it all that time, and now he is wearing it. You've worn it, enjoyed it and you can always sell it."

Paul Roche, director of Ridgefield Parks and Recreation, bought a pre-owned GMT (Rolex) from Addessi, and feels it's a win-win purchase. It was 50 percent less than a new one would have cost and just as good. "It's certified and comes with a good warranty, just like buying a used car," Roche said.

Pre-owned watches also can be customized to suit the new buyer. Roche said his watch is like new. "Addessi replaced the crystal, seals and other worn parts, restored the movement and refinished the bracelet and case. You cannot tell it's pre-owned. It looks new."

Since oversized watches are fashionable for women now, you will see women wearing men's watches, too. No matter who is wearing it, one thing the experts caution about is buying from a reputable dealer. "The counterfeits are so good, you can't tell they are fake until you see the movement inside," said Roche. "That's why it's best to buy from a jeweler you know who will guarantee that it's a Rolex and can authenticate it."

Addessi agrees. "The watch industry has changed over the last 10 years; counterfeits are common," he said. "Do your homework online, but shop from a trusted jeweler to be sure of what you are getting."